NGMK to invest US$53 million into gold ore processing

Tashkent, Uzbekistan (UzDaily.com) -- Navoi Mining and Metallurgy Combine (NGMK), largest producers of gold in Central Asia, will invest US$53.3 million into processing of out of balance ores of its main gold ore base - Muruntau mine in 2009-2015.

The project will be realized in two stages. The first stage will be realized within 2009-2011 and US$25.3 million will be invested into the project. The second phase will be implemented in 2012-2015 and it will use US $28 million of investments.

It will be financed due to own resources of NGMK and credit of the Fund for Reconstruction and Development of Uzbekistan for US$8,3 million.

Processing of out of balance ores on Muruntau mine on the basis of heap leaching technology was started at the enterprise 15 years ago.